When was the last time you did a ‘health check’ on your business?
Award-winning Business Growth Specialist, Sanjiv Dodhia brings 30+ years’ experience developing businesses at every stage of growth. From his first business which grew from £250K to £20m, where he joined as a graduate trainee and left 8 years later as the General Manager. Sanjiv now runs a highly successful London-based business coaching & mentoring practise, alongside a successful London property investment business.
In this article Sanjiv looks at how businesses can assess their performance with a simple healthcare check.
With the end of the year in sight, now’s a great time to take stock and reflect on where you’re at with your business in relation to your long term goals in order to shape your plan for 2023.
As Stephen Covey, author of 7 Habits of Highly Effective People, says ‘Begin with the end in Mind’.
To that end, when was the last time you sat down and did a ‘healthcheck’ on your business?
I’m a big fan of checklists to simplify any process so here’s one, drawn from the Traction EOS (Enterprise Operation System) model by Gino Wickman, for you to do a quick assessment of your business’s health and where your opportunities for improvement are.
Do you have:
- A clear vision or picture of where the business is going shared with everyone
- A leadership team who model an open, honest culture based on a high level of trust
- A clear set of values and behaviours used to recruit & assess team members
- A clear long, medium & short term plan & roadmap over 90 days, 1-3-5-10 years
- Clarity of your target market and differentiated proposition to focus your efforts
- The right people on the right seats with clear accountabilities & responsibilities
- A well-established cadence of team and one-to-one meetings to manage performance
- A clear picture of the end-to-end business process, supported by standard operating processes across all functions of the business documented
- A scorecard of the key metrics in the business and everyone clear on the number they are responsible for and measured on
- A budget, cashflow & key sales & marketing metrics tracked & measured weekly / monthly / quarterly
- Quarterly priorities across the business with clearly identified actions & ownership
- A system to track customer & employee satisfaction / engagement levels
Simply rank your business 1-5 (1 for weak, 3 OK, 5 excel) across each of these areas and highlight which top areas you want to target for improvement. Then revisit every 6 months.
Have we covered the important factors? What else would you add to this list for your business health check?
If you would like a template checklist to score your own business email firstname.lastname@example.org.
As a strategic partner of LKA’s Sanjiv has kindly offered a complementary ‘business growth health check’ session to LKA clients. You are guaranteed to learn strategies to implement in your business to move towards your goals. To take advantage of this offer, book a quick Discovery call with Sanjiv here.